Core Viewpoint - Longyuan Power is actively expanding its renewable energy projects, particularly in wind and pumped storage power generation, while facing a decline in revenue and profit in the recent financial period [2][6]. Company Overview - Longyuan Power Group Co., Ltd. is primarily engaged in wind and photovoltaic power generation, with its main products being electricity and heat [2][5]. - The company was established on January 27, 1993, and was listed on January 24, 2022 [5]. - The company's revenue composition is 99.22% from electricity products and 0.78% from other sources [5]. Recent Developments - Longyuan Power has signed a framework agreement with the People's Government of Tieli City, Heilongjiang Province, for a 353 MW renewable energy project [2]. - The company has a total installed wind power capacity of 1,590,800 kW in Xinjiang [2]. Financial Performance - For the first half of 2025, Longyuan Power reported a revenue of 15.657 billion yuan, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.375 billion yuan, down 11.82% year-on-year [6]. - The company has distributed a total of 5.978 billion yuan in dividends since its A-share listing, with 4.746 billion yuan distributed in the last three years [7]. Shareholder and Institutional Holdings - As of June 30, 2025, Longyuan Power had 41,000 shareholders, an increase of 1.18% from the previous period [6]. - Major institutional shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings [8]. Market Activity - On September 2, Longyuan Power's stock rose by 1.87%, with a trading volume of 168 million yuan and a market capitalization of 141.448 billion yuan [1]. - The stock has seen a net outflow of 532,400 yuan from major investors today, indicating a lack of strong buying interest [3]. Technical Analysis - The average trading cost of Longyuan Power's shares is 16.52 yuan, with the stock currently near a support level of 16.89 yuan [4]. - There are signs of accumulation, but the strength of this accumulation is weak [4].

Group 1 - Several stocks including Jingyuntong, Luxiao Technology, Huaguang Huaneng, and Shanghai Electric have reached the daily limit up [1] - Other companies such as Jidian Co., Datang Power, Huayin Electric, and Longyuan Power have also seen increases in their stock prices [1]

Company Overview - Longyuan Power Group Co., Ltd. is primarily engaged in the technical transformation, technical services, and production maintenance of power systems and electrical equipment, as well as the development and production of new technologies, equipment, materials, and processes related to electricity [3] - The company was established on January 27, 1993, and was listed on January 24, 2022 [3] - The main business revenue composition is 99.22% from power products and 0.78% from other income [3] Stock Performance - As of September 2, Longyuan Power's stock price increased by 9.48% year-to-date, with a 0.18% increase over the last five trading days, a 4.17% increase over the last 20 days, and a 4.55% increase over the last 60 days [2] - On September 2, the stock price reached 16.95 CNY per share, with a trading volume of 53.65 million CNY and a market capitalization of 141.699 billion CNY [1] Financial Performance - For the first half of 2025, Longyuan Power reported a revenue of 15.657 billion CNY, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.375 billion CNY, a year-on-year decrease of 11.82% [4] - The company has distributed a total of 5.978 billion CNY in dividends since its A-share listing, with 4.746 billion CNY distributed over the past three years [5] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 41,000, with an average of 0 circulating shares per person [4] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings among several institutional investors [5]

格隆汇9月2日丨根据联交所最新权益披露资料显示，2025年8月28日，龙源电力(00916.HK)遭GIC Private Limited在场内以每股均价6.7092港元减持126.5万 股，涉资约848.71万港元。 减持后，GIC Private Limited最新持股数目为264,530,000股，持股比例由8.01%下降至7.97%。 | 股份代號: | 00916 | | --- | --- | | 上市法國名稱: | 龍源電力集團股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 02/08/2025 - 02/09/2025 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期相 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | ( 請參閱上述 * 註 有投票權股 (日 / 月 / 年) 權 | | | | | | | | 份自分比 | | | | | | | | (%) | | | ...

智通财经APP获悉，香港联交所最新资料显示，8月28日，GIC Private Limited减持龙源电力(00916)126.5 万股，每股作价6.7092港元，总金额约为848.71万港元。减持后最新持股数目约为2.65亿股，最新持股 比例为7.97%。 ...

香港联交所最新资料显示，8月28日，GIC Private Limited减持龙源电力（001289）(00916)126.5万股， 每股作价6.7092港元，总金额约为848.71万港元。减持后最新持股数目约为2.65亿股，最新持股比例为 7.97%。 ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The weighted average price of electricity in Jiangsu for September 2025 was 319.48 RMB/MWh, which is lower than market expectations. The total electricity traded was 8.111 billion kWh, with various sources contributing different amounts and prices [4]. - The report highlights a continued increase in electricity demand, with a 3.7% year-on-year growth in total electricity consumption for the first half of 2025 [15]. - The report suggests investment opportunities in green energy, photovoltaic assets, charging station assets, thermal power, hydropower, and nuclear power, emphasizing the potential for value reassessment in these areas [4]. Summary by Sections 1. Market Review - The SW utility index decreased by 0.67% from August 25 to August 29, 2025, underperforming compared to the ChiNext index [9]. - The top five gainers included Zhaoxin Co. (+33.6%) and Tianlun Gas (+13.2%), while the top five losers included ST Shengda (-9.5%) and Jiawei New Energy (-7.9%) [13]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in H1 2025 reached 4.84 trillion kWh, reflecting a 3.7% year-on-year increase [15]. - The growth rates for different sectors were: primary industry (+8.7%), secondary industry (+2.4%), tertiary industry (+7.1%), and urban-rural residential consumption (+4.1%) [15]. 2.2. Power Generation - Total power generation in H1 2025 was 4.54 trillion kWh, with a year-on-year increase of 0.8%. However, thermal and hydropower generation saw declines of 3.1% and 2.9%, respectively [23]. 2.3. Electricity Prices - The average electricity purchase price in August 2025 was 388 RMB/MWh, down 2% year-on-year but up 1.3% month-on-month [41]. 2.4. Thermal Power - The price of thermal coal at Qinhuangdao port was 690 RMB/ton as of August 29, 2025, a decrease of 17.76% year-on-year [46]. - The cumulative installed capacity of thermal power reached 1.47 billion kW, with an increase of 4.7% year-on-year [49]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 162.19 meters, which is normal compared to previous years. Inflow and outflow rates increased by 35.48% and 47.46% year-on-year, respectively [55]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a positive trend in the development of nuclear power [67]. 2.7. Green Energy - New installations of wind and solar power in H1 2025 increased by 99% and 107% year-on-year, respectively [4]. 3. Investment Recommendations - The report recommends focusing on companies like Changjiang Electric for high dividend yield assets, and suggests monitoring companies involved in green energy and charging stations for potential value reassessment [4].

Core Viewpoint - The report from Guojin Securities highlights the impact of high temperatures on electricity demand and the challenges faced by various sectors in the energy industry, particularly in the context of Q3 performance and the influence of policy changes on renewable energy [1] Group 1: Industry Performance - Thermal power sector shows a positive year-on-year growth in electricity generation due to lower water levels and a low base effect, with a net profit increase of 1.9% in Q2 2025 despite a decline in revenue [1][2] - The renewable energy sector is experiencing pressure on revenue and performance due to unfavorable wind resources, increased curtailment rates, and declining market electricity prices, leading to negative growth in both revenue and net profit in Q2 2025 [2][3] - Hydropower performance varies significantly across regions, with overall water levels being stable to abundant, resulting in a 10.6% year-on-year increase in net profit for the hydropower sector in the first half of 2025 [2][4] Group 2: Key Company Insights - In the thermal power sector, Datang Power achieved a revenue of 26.99 billion yuan in Q2 2025, a decrease of 2.13% year-on-year, while net profit rose by 31.8% [3] - For renewable energy, Three Gorges Energy added 2.181 million kilowatts of new installed capacity in the first half of 2025, with total electricity generation reaching 39.31 billion kilowatt-hours, an increase of 8.9% year-on-year, although the growth rate of electricity generation lagged behind the installed capacity growth [3] - In the nuclear power sector, China General Nuclear Power's electricity generation increased by 6.9% year-on-year in the first half of 2025, but revenue declined by 0.5% due to falling market prices [3]

Investment Rating - The report maintains a "Buy" rating for Longyuan Power, expecting a stock price increase of 5% to 15% relative to the industry index over the next six months [5]. Core Views - The company's revenue decline is primarily due to the divestment of its thermal power business, while revenue from new energy generation continues to grow [2][4]. - The successful commissioning of the "Ningdian into Hunan" green electricity transmission channel and the ongoing development of large-scale projects are expected to contribute positively to the company's performance [3][4]. - The company is projected to achieve revenues of 35.036 billion, 37.624 billion, and 40.117 billion yuan from 2025 to 2027, with net profits of 6.401 billion, 7.051 billion, and 7.608 billion yuan respectively [4]. Financial Summary - For 2025, the company is expected to report a revenue of 35.036 billion yuan, a decrease of 5.5% year-on-year, and a net profit of 6.401 billion yuan, reflecting a growth of 0.9% year-on-year [4]. - The company's return on equity (ROE) is projected to be 8.5% in 2025, with earnings per share (EPS) expected to reach 0.77 yuan [4]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 22.1 in 2023 to 21.8 in 2025, indicating a more attractive valuation over time [4].

Group 1 - The establishment of Yichun Yuanzhou Longyuan New Energy Co., Ltd. has been reported, with a registered capital of 10 million yuan [1] - The company is involved in various energy-related activities, including power generation, transmission, and distribution, as well as wind and solar power technology services [1] - The ownership structure reveals that the company is jointly held by Longyuan Power (001289) and its wholly-owned subsidiary Jiangxi Longyuan New Energy Co., Ltd., along with Xiongyuan (Virgin) Limited [1]